Warning: session_start() [function.session-start]: Cannot send session cookie - headers already sent by (output started at /home/indiab/public_html/include/connDB.php:13) in /home/indiab/public_html/BusinessDetailsPage/2012/businessDetails181212h.php on line 3

Warning: session_start() [function.session-start]: Cannot send session cache limiter - headers already sent (output started at /home/indiab/public_html/include/connDB.php:13) in /home/indiab/public_html/BusinessDetailsPage/2012/businessDetails181212h.php on line 3
\"Economic slump propels insurance growth\"
Make this your homepage
 
indian news portal IBNS
Business
indian news portal IBNS
indian news portal IBNS
indian news portal IBNS

"Economic slump propels insurance growth"

India Blooms News Service




Kolkata, Dec 18 (IBNS): General Manager, National Insurance Co Ltd, A V Girijakumar Tuesday asserted that the current global economic slowdown is perhaps one of the reasons why there has been a growing interest in the insurance industry.




A V Girijakumar said that currently the global insurance sector is worth USD 5000 billion and the Indian insurance sector has recorded enormous growth in a short span of time.

He was speaking at a conference by the Confederation of Indian Industry (CII) on 'InsureInd: Changing Risk Landscape and Insurance Solutions,' to analyze the expected impact of recent policy changes on business and retail and key issues in life and non life segments which have major bearings on industry and individuals.

With $6 billion capital, the insurance sector draws USD 300 billion investments, clearly indicating the sector’s huge growth potential.

"The main focus of the insurance sector is to penetrate the rural market aided by latest technologies such as mobile, etc. The Central Government has already set goals for the same," said Girijakumar.

The penetration of the life insurance sector has increased while the health insurance sector has also grown significantly, he said.

Girijakumar said that the sector, however, will face a few challenges.

"First, the main concentration is on fostering innovative insurance products and customer services rather than on competing prices. Second, proper pricing is required. Third, a lack of proper regulation of the healthcare infrastructure is affecting the healthcare insurance sector."

"Finally, the management and expansion of the skilled talent base are not keeping pace with the rapid growth of the sector," he said.

Girijakumar emphasized that a lot of capital infusion is required especially in the non-life sector as it involves only $20 billion investment out of the $300 billion.

“India is poised for expansion in the insurance sector. Hence, it is important to address the challenges”, he said.

The CII-Marsh India Report, which was unveiled during the conference, discussed in detail the global scenario, emerging risks & insurance solutions and employee benefits.

CEO, Marsh India Insurance Brokers Pvt. Ltd., Sanjay Kedia said the CII-Marsh Report seeks to add to the discourse on the global risk challenges and their interconnections and implications for various countries, including India, and companies.

“We are living in an increasingly interdependent world, and the potential impact of risks has increased. In this environment of greater volatility and uncertainty, risk management has a major role to play,” said Kedia.

Emerging risks like rising cyber risks, environmental risks, supply chain risk and natural catastrophes are major areas of concern. Insurance markets need to collaborate with corporate to manage risk and find probable solutions.

“Corporate world must look at what to insure, what to retain and what to control to achieve optimum total cost of risk,” he said.

CEO, Magma HDI General Insurance Company Ltd., Swaraj Krishnan said that the Indian Insurance industry is at the crossroads of opportunities and challenges.

Only a nuanced approach through informed decision can steer the Industry to widen its reach and disburse efficient services to individuals and corporate.

Since the recent financial meltdown all companies have been under serious considerations of factors of risk management and capital handling. Bottom lines are under severe pressure.

He said, “This to be the opportune moment to come out together with possible solutions from industry perspectives.”

Present on the occasion were Chairman, CII Eastern Region R K Agrawal and Chairman, Economic Affairs, Finance & Taxation Sub Committee, CII Eastern Region S K Menon.



To Post Your Comment On This Article Click Here
Comments Posted on this news:

There are no comments on this News.

Related Business Photos
CII interacts Lee Joon gyu
Ramesh opens CII Skill Gurukul in Jharkhand
Related Business Video
India Blooms Video Big trade deficit with China not sustainable in long run: Commerce ministry India Blooms Video WB business delegation pushes for FDI from Britain
Technology Video

Samsung Galaxy Camera coming to India by mid-November

'Angry Birds' creators launch new game

Samsung launches new oversized smartphone
More Technology Video »
Automobile Video

Lamborghini Aventador LP700-4

Nissan Evalia Launch

Premier Rio Preview
More Automobile Video »
Related Business News
Konica Minolta launches multifunctional printer
"India to be 3rd largest economy by 2028"
Downslide in CV loan continues: Ind-Ra
"Slowdown doesn't break HIG-luxury market"
Kolkata registers 19% job growth: ASSOCHAM
 
More Business
Business Archive >>   



Tags
Odisha   Talcher   NTPC   solar plant   Jakson Group   Kurkure manufacture   PepsiCo India   Kurkure   L&T Construction   rupee   Thailand delegation visits Kolkata   Thailand delegation visits Kolkata   corporate performance   BSE 500   interest rates   Ind-Ra   Reliance Capital Limited   Smart Cash Plus Plan   Reliance Life Insurance   rural India   White Label ATMs   RBI   Srei   Hillshire Brands Company   business process outsourcing   Genpact Limited   Factories Business   Buildings   housing orders   L&T Construction   rupee   AdobeSAP AG   Europe   Information technology   social media platform   Facebook   free Facebook access   Aircel   rupee   GE Healthcare CTSI   Idea musicHUB   Idea Cellular Idea musicHUB   Marico appoints Saugata Gupta as MD   Marico appoints Saugata Gupta as MD   GlacialLight launches surface mounted lights   GlacialLight launches surface mounted lights   WABCO exhibits safety technologies   WABCO exhibits safety technologies   Gujarat NRE Coke receives CDR approval   Gujarat NRE Coke receives CDR approval  
indian news portal IBNS
indian news portal IBNS
indian news portal IBNS
 
About Us  |  Writers  |  Advertise with Us  |  Privacy Policy  |  Terms of Service  |  Contact Us  |  Sitemap   |  Send Feedback
Copyright © 2008 Indiablooms.com. All rights reserved.   Copyright / IP Policy   |  Company Info
Increase Page Rank